Chris Hansen buys Showbox Sodo in arena land grab

By NICK EATON, SEATTLEPI.COM STAFF

Published 5:25 pm, Tuesday, August 28, 2012

Chris Hansen smiles as he speaks to supporters of his proposal for a new arena during a rally Thursday, June 14, 2012, in Seattle. (Elaine Thompson / Associated Press)

Chris Hansen smiles as he speaks to supporters of his proposal for...

Metric performs before a sold-out crowd at Showbox SoDo on March 21. (Kam Martin / seattlepi.com)

Metric performs before a sold-out crowd at Showbox SoDo on March...

Arena investor Chris Hansen is flanked by Seattle Mayor Mike McGinn, left, and King County Executive Dow Constantine, right, during a press conference announcing a memorandum of understanding on financing of a new NBA and NHL arena in Seattle. The memorandum is between the owners of the new arena and local government. The event was held on Wednesday, May 16, 2012 at King County's Chinook Building.

Photo: JOSHUA TRUJILLO

Arena investor Chris Hansen is flanked by Seattle Mayor Mike...

Arena investor Chris Hansen listens during a press conference announcing a memorandum of understanding on financing of a new NBA and NHL arena in Seattle. The memorandum is between the owners of the new arena and local government. The event was held on Wednesday, May 16, 2012 at King County's Chinook Building.

Chris Hansen, the investor who wants to build a new NBA arena in Seattle, has purchased the Showbox Sodo building south of Safeco Field as he builds out the footprint for his planned development.

According to public records, Hansen's real-estate group, WSA Properties LLC, closed Tuesday on the parcel of land at 1700 First Ave. S., where the Showbox Sodo currently stands. The purchase price was $8 million; the property was last appraised at a value of $3.36 million earlier this year, according to tax records.

The property is one of the last puzzle pieces in Hansen's plan to build a new arena on that block. His group has purchased most of the land between South Massachussets and South Holgate Streets between First Avenue South and the train tracks. With another property in escrow, according to the Puget Sound Business Journal, Hansen now controls all the property he has said he needs for the arena project.

Hansen has asked Seattle and King County to contribute up to $200 million in bonds to the construction of a new arena, where he'd like to house an NBA team and an NHL team for Seattle. The funds would be paid back mainly through taxes on arena operations and through rent; no new general tax would be created, so only people who use the arena would help pay for it.

The King County Council has approved Hansen's plan with a handful of amendments. Meanwhile, the Seattle City Council has tabled its arena discussions until after Labor Day weekend, once the council is back in session. It is likely the City Council will ask Hansen for various amendments and concessions that are not currently included in his "memorandum of understanding" with Mayor Mike McGinn and county Executive Dow Constantine.

Hansen has urged local lawmakers to move fairly swiftly, as timing is important in acquiring NBA and NHL franchises to move to Seattle. His effort has garnered much support from Seattle basketball fans who want their SuperSonics back, but it has also drawn much opposition from nearby interests such as the Port of Seattle and maritime labor unions.